The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of First Republic Bank (NYSE: FRC) who purchased securities between January 14, 2021 and March 14, 2023. The action, which was filed in the United States District Court for the Northern District of California, alleges that the Company violated federal securities laws.
According to the complaint, Defendants misrepresented the strength of the Company’s balance sheet and liquidity position, while also understating the significant pressure rising interest rates posed to First Republic’s business model. Defendants also misrepresented the strength of the Company’s ability to deliver consistent results across different interest rate environments, the diversity of the Company’s deposit funding base, and the Company’s ability to generate net interest income (“NII”) growth and maintain stable net interest margin (“NIM”).
Shareholders have until June 23, 2023 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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